EPR-3.31.2013 8-K for earnings release

0001045450-13-000040.txt : 20130430 0001045450-13-000040.hdr.sgml : 20130430 20130430160029 ACCESSION NUMBER: 0001045450-13-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130430 DATE AS OF CHANGE: 20130430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EPR PROPERTIES CENTRAL INDEX KEY: 0001045450 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 431790877 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13561 FILM NUMBER: 13797363 BUSINESS ADDRESS: STREET 1: 909 WALNUT STREET STREET 2: SUITE 200 CITY: KANSAS CITY STATE: MO ZIP: 64106 BUSINESS PHONE: 8164721700 MAIL ADDRESS: STREET 1: 909 WALNUT STREET STREET 2: SUITE 200 CITY: KANSAS CITY STATE: MO ZIP: 64106 FORMER COMPANY: FORMER CONFORMED NAME: ENTERTAINMENT PROPERTIES TRUST DATE OF NAME CHANGE: 19970904 8-K 1 epr-33120138xkforearningsr.htm 8-K EPR-3.31.2013 8-K for earnings release

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2013

EPR Properties

(Exact name of registrant as specified in its charter)




Maryland	001-13561	43-1790877
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

909 Walnut Street, Suite 200

Kansas City, Missouri 64106

(Address of principal executive office)(Zip Code)

(816) 472-1700

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2013, EPR Properties (the “Company”) announced its results of operations and financial condition for the first quarter ended March 31, 2013. The public announcement was made by means of a press release, the text of which is set forth in Exhibit 99.1 hereto and is hereby incorporated by reference herein.

In addition, on April 30, 2013, the Company made available on its website supplemental operating and financial data for the first quarter ended March 31, 2013, the text of which is set forth in Exhibit 99.2 hereto and is hereby incorporated by reference herein.

The information set forth in Item 2.02 of this current report on Form 8-K, including Exhibits 99.1 and 99.2, is being “furnished” and shall not be deemed “filed” for the purposes of or otherwise subject to liabilities under Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.




Exhibit No.		Description
Exhibit No.		Description
99.1		Press Release dated April 30, 2013 issued by EPR Properties announcing its results of operations and financial condition for the first quarter ended March 31, 2013.

99.2		Supplemental Operating and Financial Data for the first quarter ended March 31, 2013, made available by EPR Properties on April 30, 2013.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	EPR PROPERTIES

	By:		/s/ Mark A. Peterson
			Mark A. Peterson
			Senior Vice President, Treasurer and Chief Financial Officer

Date: April 30, 2013

INDEX TO EXHIBITS




Exhibit No.		Description
Exhibit No.		Description
99.1		Press Release dated April 30, 2013 issued by EPR Properties announcing its results of operations and financial condition for the first quarter ended March 31, 2013.

99.2		Supplemental Operating and Financial Data for the first quarter ended March 31, 2013, made available by EPR Properties on April 30, 2013.

EX-99.1 2 ex991-eprx3312013earningsr.htm PRESS RELEASE Ex 99.1-EPR-3.31.2013 earnings release

EXHIBIT 99.1

EPR PROPERTIES REPORTS FIRST QUARTER RESULTS

Kansas City, MO, April 30, 2013 -- EPR Properties (NYSE:EPR) today announced operating results for the first quarter ended March 31, 2013.

Total revenue was $83.4 million for the first quarter of 2013, representing a 9% increase from $76.8 million for the same quarter in 2012. Net income available to common shareholders was $35.3 million, or $0.75 per diluted common share, for the first quarter of 2013 compared to $15.4 million, or $0.33 per diluted common share, for the same quarter in 2012. Funds From Operations (FFO) for the first quarter of 2013 was $48.3 million, or $1.03 per diluted common share, compared to $40.3 million, or $0.86 per diluted common share, for the same period in 2012. FFO as adjusted for the first quarter of 2013 was $44.1 million, or $0.94 per diluted common share, compared to $40.4 million, or $0.86 per diluted common share, for the same period in 2012, an increase of 9% per share.

David Brain, President and CEO, commented, "I am pleased to report that we have continued our positive forward momentum with a strong start to 2013, realizing 9% year over year growth in FFO as adjusted. We made ongoing progress in the expansion of each of our primary investment segments, investing in new assets with strong fundamentals. While we are seeing some quarterly variability in the timing of our capital spend, we believe we have ample current investment commitments and opportunities in our pipeline to meet our annual guidance.”

A reconciliation of FFO to FFO as adjusted follows (unaudited, dollars in thousands, except per share amounts):



		Three Months Ended March 31,
		2013						2012
		Amount			FFO/share			Amount		FFO/share

FFO		$	48,314		$	1.03		$	40,270	$	0.86
	Transaction costs	318			0.01			158		—
	Gain on early extinguishment of debt	(4,539		)	(0.10		)	—		—
FFO as adjusted		$	44,093		$	0.94		$	40,428	$	0.86

Dividends declared per common share					$	0.79				$	0.75
FFO as adjusted payout ratio					84		%			87		%

Portfolio Update

As of March 31, 2013, the Company's portfolio of entertainment properties consisted of 10.7 million square feet and was 99% leased, including 113 megaplex theatres that were 100% leased. The Company's portfolio of education properties consisted of 2.4 million square feet, including 38 public charter schools, and was 100% leased. The Company's portfolio of recreation properties was 100% leased. The Company's overall portfolio consisted of 13.7 million square feet and was 98% leased.

As of March 31, 2013, the Company's real estate mortgage loan portfolio had a carrying value of $468.6 million and included financing provided for entertainment, education and recreation properties. Additionally, the Company had $38.4 million in property under development and $197.7 million in land held for development.

Investment Update

The Company's investment spending in the first quarter of 2013 totaled approximately $38.7 million, and included investments in each of its four operating segments.

Entertainment investment spending in the first quarter of 2013 totaled $14.7 million, and related primarily to investments in build-to-suit construction of six megaplex theatres and one family entertainment center that are subject to long-term triple net leases or long-term mortgage agreements.

Education investment spending in the first quarter of 2013 totaled $15.1 million, and related to investments in build-to-suit construction of five public charter schools and an acquisition of an early childhood education center located in Peoria, Arizona, that are subject to long-term triple net leases or long-term mortgage agreements. The new early childhood education center represents an extension of the Company's Education segment.

Recreation investment spending in the first quarter of 2013 totaled $7.4 million, and related to fundings under the Company's mortgage notes for improvements at existing ski and waterpark properties. In addition, the Company's recreation investment spending related to build-to-suit construction of three TopGolf golf entertainment facilities as well as funding improvements at the Company's ski property located in Maryland.

Other investment spending in the first quarter of 2013 totaled $1.5 million and related to the land held for development in Sullivan County, New York.

In addition to the first quarter investment spending, the Company expects to spend approximately $250.0 million related to existing commitments and previously approved investments over the remainder of 2013. Beyond these transactions, the Company has a significant investment pipeline and expects to complete its 2013 investment spending plan totaling $300.0 million to $350.0 million.

Progress on Vineyard and Winery Sales

The Company continues to make progress toward selling its remaining vineyard and winery investments. During the first quarter of 2013, the Company sold a winery and a portion of related vineyards located in Sonoma County, California, for proceeds of $24.1 million and recognized a gain of $0.6 million.

Balance Sheet Update

The Company's balance sheet remains strong with a debt to gross assets ratio (defined as total long-term debt to total assets plus accumulated depreciation) of 41% at March 31, 2013. The Company had $11.8 million of unrestricted cash on hand and $59.0 million of debt outstanding under its $400.0 million unsecured revolving credit facility at March 31, 2013.

During the first quarter of 2013, the Company completed a discounted payoff prior to maturity of one if its loan agreements secured by a theatre property. The Company made a cash payment of $9.7 million in full satisfaction of the loan and recorded a gain on early extinguishment of debt of $4.5 million.

Additionally during the first quarter of 2013, the Company added to its unsecured term loan facility that matures on January 5, 2017, increasing the size of the facility from $240.0 million to $255.0 million. The additional $15.0 million bears interest based on a grid related to the Company's senior unsecured credit ratings, which at closing was LIBOR plus 175 basis points.

Dividend Information

The Company previously announced that it will begin paying a monthly common share cash dividend beginning in the second quarter of 2013, with the first monthly dividend payable on May 15, 2013 to shareholders of record as of April 30, 2013. This dividend represents an annualized dividend of $3.16 per common share, a 5.3% increase over the prior year.

On February 26, 2013, the Company declared a regular quarterly cash dividend of $0.79 per common share, which was paid on April 15, 2013 to common shareholders of record on March 28, 2013. The Company also declared and paid first quarter cash dividends of $0.359375 per share on its 5.75% Series C cumulative convertible preferred shares, $0.5625 per share on its 9.00% Series E cumulative convertible preferred shares and $0.4140625 per share on its 6.625% Series F cumulative redeemable preferred shares.

Guidance Confirmation

The Company is maintaining its previously announced 2013 guidance for investment spending of $300.0 million to $350.0 million and FFO as adjusted per share of $3.79 to $3.94.

Quarterly Supplemental

The Company's supplemental information package for the first quarter ended March 31, 2013 is available on the Company's website at www.eprkc.com.

EPR Properties

Consolidated Statements of Income

(Unaudited, dollars in thousands except per share data)



	Three Months Ended March 31,
	2013			2012
Rental revenue	$	60,787		$	57,258
Tenant reimbursements	4,744			4,822
Other income	24			25
Mortgage and other financing income	17,795			14,674
Total revenue	83,350			76,779
Property operating expense	7,005			6,374
Other expense	194			350
General and administrative expense	6,652			6,467
Gain on early extinguishment of debt	(4,539		)	—
Interest expense, net	19,989			18,141
Transaction costs	318			158
Impairment charges	—			3,998
Depreciation and amortization	13,438			11,740
Income before equity in income from joint ventures and discontinued operations	40,293			29,551
Equity in income from joint ventures	351			47
Income from continuing operations	$	40,644		$	29,598
Discontinued operations:
Income (loss) from discontinued operations	(3		)	355
Impairment charges	—			(8,845		)
Gain on sale or acquisition of real estate	565			282
Net income	41,206			21,390
Add: Net income attributable to noncontrolling interests	—			(18		)
Net income attributable to EPR Properties	41,206			21,372
Preferred dividend requirements	(5,952		)	(6,001		)
Net income available to common shareholders of EPR Properties	$	35,254		$	15,371
Per share data attributable to EPR Properties common shareholders:
Basic earnings per share data:
Income from continuing operations	$	0.74		$	0.51
Income (loss) from discontinued operations	0.01			(0.18		)
Net income available to common shareholders	$	0.75		$	0.33
Diluted earnings per share data:
Income from continuing operations	$	0.74		$	0.50
Income (loss) from discontinued operations	0.01			(0.17		)
Net income available to common shareholders	$	0.75		$	0.33
Shares used for computation (in thousands):
Basic	46,854			46,677
Diluted	47,047			46,945

EPR Properties

Reconciliation of Net Income Available to Common Shareholders

to Funds From Operations (FFO) (A)

(Unaudited, dollars in thousands except per share data)



	Three Months Ended March 31,
	2013			2012
FFO:
Net income available to common shareholders of EPR Properties	$	35,254		$	15,371
Gain on sale or acquisition of property	(565		)	(282		)
Real estate depreciation and amortization	13,468			12,197
Allocated share of joint venture depreciation	157			141
Impairment charges	—			12,843
FFO available to common shareholders of EPR Properties	$	48,314		$	40,270

FFO per common share attributable to EPR Properties:
Basic	$	1.03		$	0.86
Diluted	1.03			0.86
Shares used for computation (in thousands):
Basic	46,854			46,677
Diluted	47,047			46,945
Other financial information:
Straight-lined rental revenue	$	1,214		$	801
Dividends per common share	$	0.79		$	0.75

(A)

The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales or acquisitions of depreciable operating properties and impairment losses of depreciable real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition. FFO is a non-GAAP financial measure. FFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO the same way so comparisons with other REITs may not be meaningful. In addition to FFO, we present FFO as adjusted. Management believes it is useful to provide it here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. FFO as adjusted is FFO plus charges for loan losses, costs (gain) associated with loan refinancing or payoff, net, preferred share redemption costs and transaction costs, less gain on early extinguishment of debt. FFO as adjusted is a non-GAAP financial measure. FFO as adjusted does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of the Company's operations, cash flows or liquidity as defined by GAAP.

The additional 1.9 million common shares that would result from the conversion of the Company's 5.75% Series C cumulative convertible preferred shares and the additional 1.6 million common shares that would result from the conversion of the Company's 9.00% Series E cumulative convertible preferred shares and the corresponding add-

back of the preferred dividends declared on those shares are not included in the calculation of diluted earnings per share and FFO per share for the three months ended March 31, 2013 and 2012 because the effect is not-dilutive.

EPR Properties

Condensed Consolidated Balance Sheets

(Dollars in thousands)



	March 31, 2013		December 31, 2012
Assets	(unaudited)
Rental properties, net of accumulated depreciation of $383,332 and $375,684 at March 31, 2013 and December 31, 2012, respectively	$	1,858,204	$	1,885,093
Rental properties held for sale, net	2,788		2,788
Land held for development	197,740		196,177
Property under development	38,369		29,376
Mortgage notes and related accrued interest receivable	468,557		455,752
Investment in a direct financing lease, net	235,302		234,089
Investment in joint ventures	12,287		11,971
Cash and cash equivalents	11,763		10,664
Restricted cash	32,614		23,991
Deferred financing costs, net	18,708		19,679
Accounts receivable, net	38,246		38,738
Other assets	37,214		38,412
Total assets	$	2,951,792	$	2,946,730
Liabilities and Equity
Accounts payable and accrued liabilities	$	47,798	$	65,481
Dividends payable	43,113		41,186
Unearned rents and interest	19,984		11,333
Long-term debt	1,383,392		1,368,832
Total liabilities	1,494,287		1,486,832
EPR Properties shareholders’ equity	1,457,128		1,459,521
Noncontrolling interests	377		377
Equity	1,457,505		1,459,898
Total liabilities and equity	$	2,951,792	$	2,946,730

About EPR Properties

EPR Properties is a specialty real estate investment trust (REIT) that invests in properties in select market segments which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $3.2 billion and our primary investment segments are Entertainment, Recreation and Education. We adhere to rigorous underwriting and investing criteria centered on key industry and property level cash flow standards. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com or from Brian Moriarty at 888-EPR-REIT.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “expects,” “pipeline,” “anticipates,” “estimates,” “offers,” “plans,” “would” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. While references to commitments for investment spending are based on present commitments and agreements of the Company, we cannot provide assurance that these transactions will be completed on satisfactory terms. In addition, references to our budgeted amounts and guidance are forward-looking statements. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date hereof or the date of any document incorporated by reference herein. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements to reflect events or circumstances after the date hereof.

EX-99.2 3 exhibit992-eprx33113supple.htm SUPPLEMENTAL OPERATING AND FINANCIAL DATA Exhibit 99.2-EPR-3.31.13 Supplemental

Exhibit 99.2



Supplemental Operating and Financial Data
First Quarter Ended March 31, 2013



EPR Properties
Supplemental Operating and Financial Data
First Quarter Ended March 31, 2013

Table of Contents

Section								Page

Company Profile								4
Investor Information								5
Selected Financial Information								6
Selected Balance Sheet Information								7
Selected Operating Data								8
Funds From Operations and Funds From Operations as Adjusted								9
Adjusted Funds From Operations								10
Capital Structure								11
Summary of Ratios								16
Capital Spending and Disposition Summaries								19
Financial and Investment Information by Segment								20
Lease Expirations								24
Top Ten Customers by Revenue from Continuing Operations								25
Summary of Mortgage Notes Receivable								26
Summary of Notes Receivable								27
Summary of Unconsolidated Joint Ventures								28
Definitions-Non-GAAP Financial Measures								29

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

With the exception of historical information, certain statements contained or incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such as those pertaining to our acquisition or disposition of properties, our capital resources, future expenditures for development projects, and our results of operations. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of actual events. There is no assurance the events or circumstances reflected in the forward-looking statements will occur. You can identify forward-looking statements by use of words such as “will be,” “intend,” “continue,” “believe,” “may,” “expect,” “hope,” “anticipate,” “goal,” “forecast,” “expects,” "pipeline," “anticipates,” “estimates,” “offers,” “plans,” “would,” or other similar expressions or other comparable terms or discussions of strategy, plans or intentions contained or incorporated by reference herein. In addition, references to our budgeted amounts and guidance are forward-looking statements. Forward-looking statements necessarily are dependent on assumptions, data or methods that may be incorrect or imprecise. These forward-looking statements represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Many of the factors that will determine these items are beyond our ability to control or predict. For further discussion of these factors see “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and, to the extent applicable, our Quarterly Reports on Form 10-Q.

NON-GAAP INFORMATION

This document contains certain non-GAAP measures. These non-GAAP measures, as calculated by the Company, are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these non-GAAP measures are not measurements of financial performance or liquidity under GAAP and should not be considered alternatives to the Company's other financial information determined under GAAP. See pages 29 through 30 for definitions of certain non-GAAP financial measures used in this document.

EPR Properties

Company Profile



The Company

EPR Properties (“EPR” or the “Company”) is a self administered and self-managed real estate investment trust. EPR was formed in August 1997 as a Maryland real estate investment trust (“REIT”), and an initial public offering was completed on November 18, 1997.

Since that time, the Company has grown into a leading specialty real estate investment trust with an investment portfolio that includes entertainment, education, recreation and other specialty investments. Effective November 12, 2012, the Company updated its name from "Entertainment Properties Trust" to "EPR Properties" to reflect the Company's expansion into additional specialty segments.



Company Strategy

EPR’s primary business objective is to enhance shareholder value by achieving predictable and increasing Funds from Operations (“FFO”) and dividends per share. Our prevailing strategy is to focus on long-term investments in a limited number of categories in which we maintain a depth of knowledge and relationships, and which we believe offer sustained performance throughout all economic cycles. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields.

We also adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow criteria. As part of our growth strategy we will consider acquiring, developing or financing additional properties which are consistent with our overall strategy and meet our underwriting and investing criteria. In executing our growth strategy, we will employ moderate leverage. We have historically paid out approximately 80% of our FFO as adjusted in the form of quarterly dividends. This allows investors to realize a portion of their returns on a current basis.

Following are the key criteria against which our investments are evaluated:

Inflection Opportunity - Renewal or restructuring in an industry’s properties

Enduring Value - Real estate devoted to and improving long-lived activities

Excellent Execution - Market-dominant performance that creates value beyond tenant credit

Attractive Economics - Accretive initial returns along with growth in yield

Advantageous Position - Sustainable competitive advantages

EPR Properties

Investor Information



Senior Management

David Brain		Greg Silvers
President and Chief Executive Officer		Executive Vice President and Chief Operating Officer

Mark Peterson		Jerry Earnest
Senior Vice President and Chief Financial Officer		Senior Vice President and Chief Investment Officer

Neil Sprague		Mike Hirons
Senior Vice President and General Counsel		Vice President - Strategic Planning



Company Information

Corporate Headquarters		Trading Symbols
909 Walnut Street, Suite 200		Common Stock:
Kansas City, MO 64106		EPR
888-EPR-REIT		Preferred Stock:
www.eprkc.com		EPR-PrC
		EPR-PrE
Stock Exchange Listing		EPR-PrF
New York Stock Exchange



Equity Research Coverage

BMO Capital Markets	Paul Adornato	212-885-4170
Citi Global Markets	Michael Bilerman/Emmanuel Korchman	212-816-4471
Goldman Sachs	Andrew Rosavich	212-902-2796
J.P. Morgan	Anthony Paolone	212-622-6682
Kansas City Capital Associates	Jonathan Braatz	816-932-8019
Keybanc Capital Markets	Jordan Sadler	917-368-2280
Ladenburg Thalmann	Daniel Dolan	214-409-2056
RBC Capital Markets	Richard Moore	440-715-2646
Stifel Nicolaus	Joshua Barber	443-224-1347

EPR Properties is followed by the analysts identified above. Please note that any opinions, estimates, forecasts or recommendations regarding EPR Properties’ performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or recommendations of EPR Properties or its management. EPR Properties does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.



EPR Properties
Selected Financial Information
(Unaudited, dollars and shares in thousands)

	Three months ended March 31,
Operating Information:	2013		2012
Revenue (1)	83,350		76,779
Net income available to common shareholders of
EPR Properties	35,254		15,371
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - continuing operations (2)	69,181		59,432
Earnings before interest, taxes, depreciation and amortization
(EBITDA) - discontinued operations (2)	304		(7,784	)
Adjusted EBITDA - continuing operations (2)	69,499		63,588
Adjusted EBITDA - discontinued operations (2)	304		1,061
Interest expense, net (1)	19,989		18,141
Recurring principal payments	4,303		6,327
Capitalized interest	344		156
Straight-lined rental revenue	1,214		801
Dividends declared on preferred shares	5,952		6,001
Dividends declared on common shares	37,161		35,117
General and administrative expense	6,652		6,467

Balance Sheet Information:	March 31,
	2013		2012
Total assets	2,951,792		2,790,845
Total assets before depreciation (gross assets)	3,335,443		3,138,749
Unencumbered real estate assets (3)
Number	157		122
Gross book value	2,095,661		1,578,518
Annualized stabilized NOI	213,501		151,543
Total debt	1,383,392		1,224,840
Equity	1,457,505		1,477,895
Common shares outstanding	47,039		48,262
Total market capitalization (using EOP closing price)	4,178,027		3,732,694
Debt/total assets	47	%	44	%
Debt/total market capitalization	33	%	33	%
Debt/gross assets	41	%	39	%
Debt/Adjusted EBITDA - continuing operations (1)(4)	4.98		4.82
Debt/Adjusted EBITDA - continuing and discontinued operations (4)	4.95		4.74

(1) Excludes discontinued operations.
(2) See pages 29 through 30 for definitions.
(3) Includes unencumbered rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and undeveloped land.
(4) Adjusted EBITDA is for the quarter annualized. See pages 29 through 30 for definitions.



EPR Properties
Selected Balance Sheet Information
(Unaudited, dollars in thousands)

	1st Quarter 2013			4th Quarter 2012			3rd Quarter 2012			2nd Quarter 2012			1st Quarter 2012			4th Quarter 2011
Assets
Rental properties: (1)
Entertainment	$	2,017,909		$	2,020,348		$	2,012,794		$	1,991,359		$	1,972,844		$	1,956,564
Education	112,193			102,311			102,094			48,146			40,088			40,115
Recreation	70,961			69,804			33,022			33,021			33,021			13,008
Other	43,580			71,421			118,348			121,526			136,777			149,620
Less: accumulated depreciation	(383,651		)	(376,003		)	(370,173		)	(356,264		)	(347,905		)	(335,435		)
Land held for development	197,740			196,177			191,442			188,874			184,457			184,457
Property under development	38,369			29,376			30,486			40,141			35,419			22,761
Mortgage notes receivable: (2)
Entertainment	77,464			76,199			52,294			51,197			14,852			—
Education	35,904			28,945			21,216			17,217			16,705			1,303
Recreation	352,668			348,091			338,245			335,205			332,855			323,794
Other	2,521			2,517			—			—			—			—
Investment in a direct financing lease, net	235,302			234,089			232,855			236,157			234,875			233,619
Investment in joint ventures	12,287			11,971			11,399			10,577			10,112			25,053
Cash and cash equivalents	11,763			10,664			25,007			12,739			11,474			14,625
Restricted cash	32,614			23,991			26,138			19,165			24,938			19,312
Accounts receivable, net	38,246			38,738			35,704			33,138			35,602			35,005
Other assets	55,922			58,091			54,501			51,469			54,731			50,194
Total assets	$	2,951,792		$	2,946,730		$	2,915,372		$	2,833,667		$	2,790,845		$	2,733,995

Liabilities and Equity
Liabilities:
Accounts payable and accrued liabilities	$	47,798		$	65,481		$	54,086		$	37,485		$	30,603		$	36,036
Common dividends payable	37,161			35,165			35,131			35,128			35,117			32,709
Preferred dividends payable	5,952			6,021			6,002			6,002			6,002			6,002
Unearned rents and interest	19,984			11,333			14,181			11,982			16,388			6,850
Line of credit	59,000			39,000			—			112,000			58,000			223,000
Long-term debt	1,324,392			1,329,832			1,339,118			1,158,560			1,166,840			931,295
Total liabilities	1,494,287			1,486,832			1,448,518			1,361,157			1,312,950			1,235,892
Equity:
Common stock and additional paid in capital	1,775,653			1,769,711			1,754,767			1,753,266			1,723,388			1,719,546
Preferred stock at par value	139			139			135			135			135			135
Treasury stock	(61,227		)	(55,308		)	(49,689		)	(49,539		)	(49,454		)	(44,834		)
Accumulated other comprehensive income	20,114			20,622			20,629			20,680			23,761			23,463
Distributions in excess of net income	(277,551		)	(275,643		)	(259,318		)	(252,338		)	(248,007		)	(228,261		)
EPR Properties shareholders' equity	1,457,128			1,459,521			1,466,524			1,472,204			1,449,823			1,470,049
Noncontrolling interests	377			377			330			306			28,072			28,054
Total equity	1,457,505			1,459,898			1,466,854			1,472,510			1,477,895			1,498,103
Total liabilities and equity	$	2,951,792		$	2,946,730		$	2,915,372		$	2,833,667		$	2,790,845		$	2,733,995

(1) Includes rental properties held for sale.
(2) Includes related accrued interest receivable.



EPR Properties
Selected Operating Data
(Unaudited, dollars in thousands)

	1st Quarter 2013			4th Quarter 2012			3rd Quarter 2012			2nd Quarter 2012			1st Quarter 2012			4th Quarter 2011
Rental revenue and tenant reimbursements:
Entertainment	$	59,727		$	60,180		$	60,633		$	59,399		$	59,383		$	58,535
Education	3,157			2,921			2,602			1,720			1,420			1,151
Recreation	1,909			1,502			797			797			519			319
Other	738			809			809			754			758			1,311
Mortgage and other financing income:
Entertainment	2,204			1,936			1,427			498			447			81
Education (1)	7,957			7,724			7,563			7,548			7,295			7,099
Recreation	7,555			7,423			7,968			7,143			6,906			6,710
Other	79			34			18			23			26			40
Corporate/Unallocated	—			—			—			—			—			17
Other income	24			434			203			107			25			106
Total revenue	$	83,350		$	82,963		$	82,020		$	77,989		$	76,779		$	75,369

Property operating expense	7,005			6,915			5,939			5,687			6,374			5,644
Other expense	194			408			585			340			350			390
General and administrative expense	6,652			5,396			5,486			5,821			6,467			5,045
Costs (gain) associated with loan refinancing or payoff, net	—			150			477			—			—			(390		)
Gain on early extinguishment of debt	(4,539		)	—			—			—			—			—
Interest expense, net	19,989			20,062			19,994			18,459			18,141			17,658
Transaction costs	318			31			184			31			158			233
Impairment charges	—			1,999			—			—			3,998			—
Depreciation and amortization	13,438			12,827			12,390			12,068			11,740			11,478
Equity in income from joint ventures	351			358			342			278			47			616
Income from continuing operations	40,644			35,533			37,307			35,861			29,598			35,927
Discontinued operations:
Income (loss) from discontinued operations	(3		)	475			(46		)	516			355			805
Impairment charges	—			(5,980		)	(3,086		)	—			(8,845		)	—
Transaction costs	—			—			—			3			—			—
Gain (loss) on sale or acquisition of real estate	565			(747		)	—			438			282			1,236
Net income	41,206			29,281			34,175			36,818			21,390			37,968
Net income attributable to noncontrolling interests	—			(47		)	(24		)	(19		)	(18		)	(25		)
Preferred dividend requirements	(5,952		)	(6,503		)	(6,002		)	(6,002		)	(6,001		)	(6,003		)
Preferred share redemption costs	—			(3,888		)	—			—			—			—
Net income available to common shareholders of EPR Properties	$	35,254		$	18,843		$	28,149		$	30,797		$	15,371		$	31,940

(1) Represents income from owned assets under a direct financing lease, five mortgage notes receivable and one note receivable.



EPR Properties
Funds From Operations and Funds From Operations as Adjusted
(Unaudited, dollars in thousands except per share information)

	1st Quarter 2013			4th Quarter 2012		3rd Quarter 2012		2nd Quarter 2012			1st Quarter 2012			4th Quarter 2011
Funds From Operations ("FFO") (1):
Net income available to common shareholders of EPR Properties	$	35,254		$	18,843	$	28,149	$	30,797		$	15,371		$	31,940
(Gain) loss on sale or acquisition of real estate	(565		)	747		—		(438		)	(282		)	(1,236		)
Real estate depreciation and amortization	13,468			13,318		13,013		12,635			12,197			11,773
Allocated share of joint venture depreciation	157			150		146		144			141			118
Impairment charges	—			7,979		3,086		—			12,843			—
FFO available to common shareholders of EPR Properties	$	48,314		$	41,037	$	44,394	$	43,138		$	40,270		$	42,595

Funds From Operations as adjusted (1):
FFO available to common shareholders of EPR Properties	$	48,314		$	41,037	$	44,394	$	43,138		$	40,270		$	42,595
Costs (gain) associated with loan refinancing or payoff, net	—			150		477		—			—			(390		)
Transaction costs	318			31		184		31			158			233
Gain on early extinguishment of debt	(4,539		)	—		—		—			—			—
Preferred share redemption costs	—			3,888		—		—			—			—
FFO as adjusted available to common shareholders of EPR Properties	$	44,093		$	45,106	$	45,055	$	43,169		$	40,428		$	42,438

FFO per common share attributable to EPR Properties:
Basic	$	1.03		$	0.88	$	0.95	$	0.92		$	0.86		$	0.91
Diluted	1.03			0.87		0.94		0.92			0.86			0.91

FFO as adjusted per common share attributable to EPR Properties:
Basic	$	0.94		$	0.96	$	0.96	$	0.92		$	0.87		$	0.91
Diluted	0.94			0.96		0.96		0.92			0.86			0.90

Shares used for computation (in thousands):
Basic	46,854			46,850		46,840		46,826			46,677			46,726
Diluted	47,047			47,090		47,090		47,068			46,945			46,967

(1) See pages 29 through 30 for definitions.



EPR Properties
Adjusted Funds From Operations
(Unaudited, dollars in thousands except per share information)

	1st Quarter 2013			4th Quarter 2012			3rd Quarter 2012			2nd Quarter 2012			1st Quarter 2012			4th Quarter 2011
Adjusted Funds from Operations ("AFFO") (1):
FFO available to common shareholders of EPR Properties	$	48,314		$	41,037		$	44,394		$	43,138		$	40,270		$	42,595
Adjustments:
Transaction costs	318			31			184			31			158			233
Non-real estate depreciation and amortization	277			276			263			258			260			267
Deferred financing fees amortization	999			994			1,047			1,092			1,085			986
Costs (gain) associated with loan refinancing or payoff, net	—			150			477			—			—			(390		)
Share-based compensation expense to management and trustees	1,548			1,417			1,418			1,534			1,464			1,398
Maintenance capital expenditures (2)	(525		)	(2,622		)	(730		)	(1,066		)	(354		)	(733		)
Straight-lined rental revenue	(1,214		)	(927		)	(2,042		)	(862		)	(801		)	(298		)
Non-cash portion of mortgage and other financing income	(1,265		)	(1,253		)	(1,193		)	(1,284		)	(1,258		)	(1,298		)
Gain on early extinguishment of debt	(4,539		)	—			—			—			—			—
Preferred share redemption costs	—			3,888			—			—			—			—
AFFO available to common shareholders of EPR Properties	$	43,913		$	42,991		$	43,818		$	42,841		$	40,824		$	42,760

Weighted average diluted shares outstanding (in thousands)	47,047			47,090			47,090			47,068			46,945			46,967

AFFO per diluted common share	$	0.93		$	0.91		$	0.93		$	0.91		$	0.87		$	0.91

Dividends declared per common share	$	0.79		$	0.75		$	0.75		$	0.75		$	0.75		$	0.70

AFFO payout ratio (3)	85		%	82		%	81		%	82		%	86		%	77		%

(1) See pages 29 through 30 for definitions.
(2) Includes maintenance capital expenditures and certain second generation tenant improvements and leasing commissions.
(3) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.



EPR Properties
Capital Structure at March 31, 2013
(Unaudited, dollars in thousands)

Consolidated Debt

Principal Payments Due on Long-Term Debt:

	Mortgages (1)							Unsecured		Unsecured
Year	Amortization		Maturities		Bond/Term Loan			Credit Facility (3)		Senior Notes		Total		Weighted Avg Interest Rate
2013	$	12,695	$	—	$	—		$	—	$	—	$	12,695	6.30%
2014	12,035		139,557		—			—		—		151,592		6.32%
2015	10,675		90,813		—			59,000		—		160,488		4.30%
2016	6,767		96,144		—			—		—		102,911		6.08%
2017	3,588		73,102		255,000			—		—		331,690		3.38%
2018	919		12,462		—			—		—		13,381		6.34%
2019	—		—		—			—		—		—		—%
2020	—		—		—			—		250,000		250,000		7.75%
2021	—		—		—			—		—		—		—%
2022	—		—		—			—		350,000		350,000		5.75%
Thereafter	—		—		10,635			—		—		10,635		0.12%
	$	46,679	$	412,078	$	265,635		$	59,000	$	600,000	$	1,383,392	5.43%

			Balance		Weighted Avg Interest Rate			Weighted Avg Maturity (yrs)
Fixed rate secured debt			$	458,757	6.07		%	2.60
Fixed rate unsecured debt (2)			840,000		5.46		%	7.15
Variable rate secured debt			10,635		0.12		%	24.50
Variable rate unsecured debt (3)			74,000		1.83		%	2.09
Total			$	1,383,392	5.43		%	5.54

(1) Scheduled amortization and maturities represent only consolidated debt obligations.

(2) Includes $240 million of term loan that has been fixed through interest rate swaps through January 5, 2016.

(3) Unsecured Credit Facility Summary:

			Balance					Rate
	Commitment		at 3/31/2013		Maturity			at 3/31/2013

	$400,000		$59,000		October 13, 2015			1.80%

	Note: This facility has a one year extension available at the Company's option and includes an accordion feature in which the facility can be increased to up to $500 million.



EPR Properties
Capital Structure at March 31, 2013 and December 31, 2012
(Unaudited, dollars in thousands)

Consolidated Debt (continued)

Summary of Long-Term Debt:
	March 31, 2013		December 31, 2012

Unsecured revolving variable rate credit facility, LIBOR + 1.60%, due October 13, 2015	$	59,000	$	39,000
Mortgage note payable, 6.84%, due March 1, 2014	89,485		92,773
Mortgage note payable, 5.58%, due April 1, 2014	56,739		57,078
Mortgage note payable, 5.56%, due June 5, 2015	31,749		31,923
Mortgage notes payable, 5.77%, due November 6, 2015	66,644		67,172
Mortgage notes payable, 5.84%, due March 6, 2016	37,577		37,863
Mortgage notes payable, 6.37%, due June 30, 2016	26,967		27,156
Mortgage notes payable, 6.10%, due October 1, 2016	24,225		24,395
Mortgage notes payable, 6.02%, due October 6, 2016	18,251		18,381
Term loan payable, LIBOR + 1.75%, $240.0 million fixed through interest rate swaps at 2.66% through January 5, 2016, due January 5, 2017	255,000		240,000
Mortgage note payable, 6.06%, due March 1, 2017	10,192		10,261
Mortgage note payable, 6.07%, due April 6, 2017	10,494		10,565
Mortgage notes payable, 5.73%-5.95%, due May 1, 2017	34,363		48,914
Mortgage note payable, 5.29%, due July 1, 2017	3,847		3,881
Mortgage notes payable, 5.68% due August 1, 2017	24,885		25,053
Mortgage note payable, 6.19%, due February 1, 2018	14,935		15,084
Mortgage note payable, 7.37%, due July 15, 2018	8,404		8,698
Senior unsecured notes payable, 7.75%, due July 15, 2020	250,000		250,000
Senior unsecured notes payable, 5.75%, due August 15, 2022	350,000		350,000
Bond payable, variable rate, due October 1, 2037	10,635		10,635
Total	$	1,383,392	$	1,368,832



EPR Properties
Capital Structure
Senior Notes


Senior Debt Ratings as of March 31, 2013

Moody's	Baa3 (positive)
Fitch	BBB- (stable)
Standard and Poor's	BB+ (stable)

Summary of Covenants

The Company's outstanding bonds have fixed interest rates of 5.75% and 7.75%. Interest on the senior notes is paid semiannually. The notes contain various covenants, including: (i) a limitation on incurrence of any debt which would cause the Company's debt to adjusted total assets ratio to exceed 60%; (ii) a limitation on incurrence of any secured debt which would cause the Company’s secured debt to adjusted total assets ratio to exceed 40%; (iii) a limitation on incurrence of any debt which would cause the Company’s debt service coverage ratio to be less than 1.5 times; and (iv) the maintenance at all times of total unencumbered assets not less than 150% of the Company’s outstanding unsecured debt.

The following is a summary of the key financial covenants for our 5.75% and 7.75% senior unsecured notes, as defined and calculated per the terms of our notes. These calculations, which are not based on U.S. generally accepted accounting principles, or GAAP, measurements, are presented to investors to show our ability to incur additional debt under the terms of our notes only and are not measures of our liquidity or performance. The actual amounts as of March 31, 2013 and December 31, 2012 are:
		Actual	Actual
Note Covenants	Required	1st Quarter 2013 (1)	4th Quarter 2012 (1)
Limitation on incurrence of total debt (Total Debt/Total Assets)	≤ 60%	42%	41%
Limitation on incurrence of secured debt (Secured Debt/Total Assets)	≤ 40%	14%	15%
Debt service coverage (Consolidated Income Available for Debt Service/Annual Debt Service)	≥ 1.5 x	3.5x	3.6x
Maintenance of total unencumbered assets (Unencumbered Assets/Unsecured Debt)	≥ 150% of unsecured debt	255%	261%

(1) See page 14 for detailed calculations



EPR Properties
Capital Structure
Senior Notes
(Unaudited, dollars in thousands)

Covenant Calculations

Total Assets:	March 31, 2013						Total Debt:						March 31, 2013
Total Assets	$	2,951,792					Secured debt obligations						$	469,392
Add: accumulated depreciation	383,651						Unsecured debt obligations:
Less: intangible assets	(2,961		)				Unsecured debt						914,000
Total Assets	$	3,332,482					Outsanding letters of credit						—
							Derivatives at fair market value, net						5,514
Total Unencumbered Assets:	March 31, 2013						Total unsecured debt obligations:						919,514
Unencumbered real estate assets, gross	$	2,095,661					Total Debt						$	1,388,906
Cash and cash equivalents	11,763
Land held for development	197,740
Property under development	38,369
Total Unencumbered Assets	$	2,343,533

Consolidated income available for debt service:	1st Quarter 2013			4th Quarter 2012			3rd Quarter 2012			2nd Quarter 2012			Trailing Twelve Months
Adjusted EBITDA	$	69,499		$	70,244		$	70,010		$	66,143		$	275,896
Add: Adjusted EBITDA of discontinued operations	304			1,242			840			1,342			3,728
Less: straight-line rental revenue	(1,214		)	(927		)	(2,042		)	(862		)	(5,045		)
Consolidated income available for debt service	$	68,589		$	70,559		$	68,808		$	66,623		$	274,579

Annual Debt Service:
Interest expense, gross	$	20,335		$	20,445		$	20,307		$	18,481		$	79,568
Less: deferred financing fees amortization	(999		)	(994		)	(1,047		)	(1,092		)	(4,132		)
Annual Debt Service	$	19,336		$	19,451		$	19,260		$	17,389		$	75,436

Debt Service Coverage	3.5			3.6			3.6			3.8			3.6



EPR Properties
Capital Structure at March 31, 2013
(Unaudited, dollars in thousands except share information)

Equity

Security	Shares Issued and Outstanding	Price per share at March 31, 2013		Liquidation Preference		Dividend Rate		Convertible

Common shares	47,039,089	$	52.05	N/A		(1)		N/A
Series C	5,400,000	$	22.97	$	135,000	5.750%		Y
Series E	3,450,000	$	32.45	$	86,250	9.000%		Y
Series F	5,000,000	$	25.70	$	125,000	6.625%		N

Calculation of Total Market Capitalization:

Common shares outstanding at March 31, 2013 multiplied by closing price at March 31, 2013						$	2,448,385
Aggregate liquidation value of Series C preferred shares (2)						135,000
Aggregate liquidation value of Series E preferred shares (2)						86,250
Aggregate liquidation value of Series F preferred shares (2)						125,000
Total long-term debt at March 31, 2013						1,383,392
Total consolidated market capitalization						$	4,178,027

(1) Quarterly dividend declared in the first quarter of 2013 was $0.79 per share.
(2) Excludes accrued unpaid dividends at March 31, 2013.



EPR Properties
Summary of Ratios
(Unaudited)

	1st Quarter 2013	4th Quarter 2012	3rd Quarter 2012	2nd Quarter 2012	1st Quarter 2012	4th Quarter 2011

Debt to total assets (book value)	47%	46%	46%	45%	44%	42%

Debt to total market capitalization	33%	35%	36%	36%	33%	33%

Debt to gross assets	41%	41%	41%	40%	39%	38%

Debt/Adjusted EBITDA - continuing operations (1)	4.98	4.87	4.79	4.80	4.82	4.49

Debt/Adjusted EBITDA - continuing and discontinued operations (1)	4.95	4.79	4.73	4.71	4.74	4.40

Secured debt to secured assets	55%	56%	57%	56%	56%	58%

Unencumbered real estate assets to total real estate assets (2)	71%	70%	70%	58%	57%	56%

Interest coverage ratio (3)	3.5	3.5	3.5	3.7	3.6	3.8

Fixed charge coverage ratio (3)	2.7	2.7	2.7	2.8	2.7	2.8

Debt service coverage ratio (3)	2.9	2.9	2.8	2.8	2.7	2.8

FFO payout ratio (4)	77%	86%	80%	82%	87%	77%

FFO as adjusted payout ratio (5)	84%	78%	78%	82%	87%	78%

AFFO payout ratio (6)	85%	82%	81%	82%	86%	77%

(1) Adjusted EBITDA is for the quarter annualized. See pages 29 through 30 for definitions.
(2) Total real estate assets includes rental properties, gross, direct financing lease, net and mortgage notes receivable; excludes property under development and land held for development.
(3) See page 17 for detailed calculation.
(4) FFO payout ratio is calculated by dividing dividends declared per common share by FFO per diluted common share.
(5) FFO as adjusted payout ratio is calculated by dividing dividends declared per common share by FFO as adjusted per diluted common share.
(6) AFFO payout ratio is calculated by dividing dividends declared per common share by AFFO per diluted common share.



EPR Properties
Calculation of Interest, Fixed Charge and Debt Service Coverage Ratios
(Unaudited, dollars in thousands)

	1st Quarter 2013			4th Quarter 2012			3rd Quarter 2012			2nd Quarter 2012			1st Quarter 2012			4th Quarter 2011
Interest Coverage Ratio (1):
Net income	$	41,206		$	29,281		$	34,175		$	36,818		$	21,390		$	37,968
Impairment charges	—			7,979			3,086			—			12,843			—
Transaction costs	318			31			184			31			158			233
Interest expense, gross	20,335			20,445			20,307			18,481			18,350			17,776
Depreciation and amortization	13,745			13,594			13,276			12,893			12,457			12,040
Share-based compensation expense
to management and trustees	1,548			1,417			1,418			1,534			1,464			1,398
Costs (gain) associated with loan refinancing
or payoff, net	—			150			477			—			—			(390		)
Interest cost capitalized	(344		)	(380		)	(307		)	(16		)	(156		)	(112		)
Straight-line rental revenue	(1,214		)	(927		)	(2,042		)	(862		)	(801		)	(298		)
Gain on early extinguishment of debt	(4,539		)	—			—			—			—
(Gain) loss on sale or acquisition of real estate from discontinued operations	(565		)	747			—			(438		)	(282		)	(1,236		)
Interest coverage amount	$	70,490		$	72,337		$	70,574		$	68,441		$	65,423		$	67,379

Interest expense, net	$	19,989		$	20,062		$	19,994		$	18,459		$	18,130		$	17,620
Interest income	2			3			6			6			64			44
Interest cost capitalized	344			380			307			16			156			112
Interest expense, gross	$	20,335		$	20,445		$	20,307		$	18,481		$	18,350		$	17,776

Interest coverage ratio	3.5			3.5			3.5			3.7			3.6			3.8

Fixed Charge Coverage Ratio (1):
Interest coverage amount	$	70,490		$	72,337		$	70,574		$	68,441		$	65,423		$	67,379

Interest expense, gross	$	20,335		$	20,445		$	20,307		$	18,481		$	18,350		$	17,776
Preferred share dividends	5,952			6,503			6,002			6,002			6,001			6,003
Fixed charges	$	26,287		$	26,948		$	26,309		$	24,483		$	24,351		$	23,779

Fixed charge coverage ratio	2.7			2.7			2.7			2.8			2.7			2.8

Debt Service Coverage Ratio (1):
Interest coverage amount	$	70,490		$	72,337		$	70,574		$	68,441		$	65,423		$	67,379

Interest expense, gross	$	20,335		$	20,445		$	20,307		$	18,481		$	18,350		$	17,776
Recurring principal payments	4,303			4,171			5,131			6,337			6,327			6,205
Debt service	$	24,638		$	24,616		$	25,438		$	24,818		$	24,677		$	23,981

Debt service coverage ratio	2.9			2.9			2.8			2.8			2.7			2.8

(1) See pages 29 through 30 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.



EPR Properties
Reconciliation of Interest Coverage Amount to Net Cash Provided by Operating Activities
(Unaudited, dollars in thousands)

The interest coverage amount per the table on the previous page is a non-GAAP financial measure and should not be considered an alternative to any GAAP liquidity measures. It is most directly comparable to the GAAP liquidity measure, “Net cash provided by operating activities,” and is not directly comparable to the GAAP liquidity measures, “Net cash used in investing activities” and “Net cash provided by financing activities.” The interest coverage amount can be reconciled to “Net cash provided by operating activities” per the consolidated statements of cash flows as follows:
	1st Quarter 2013			4th Quarter 2012			3rd Quarter 2012			2nd Quarter 2012			1st Quarter 2012			4th Quarter 2011

Net cash provided by operating activities	$	40,172		$	61,852		$	41,963		$	61,481		$	41,959		$	60,348

Equity in income from joint ventures	351			358			342			278			47			616
Distributions from joint ventures	(223		)	(219		)	(189		)	(284		)	(354		)	(672		)
Amortization of deferred financing costs	(999		)	(994		)	(1,047		)	(1,092		)	(1,085		)	(986		)
Increase (decrease) in mortgage notes and related accrued interest receivable	36			(419		)	791			24			13			(405		)
Increase (decrease) in restricted cash	(2,946		)	3,984			4,543			(1,360		)	(1,439		)	(2,304		)
Increase (decrease) in accounts receivable, net	339			3,149			2,182			(2,284		)	393			168
Increase in direct financing lease receivable	1,212			1,234			1,192			1,282			1,256			1,278
Increase (decrease) in other assets	(139		)	(1,682		)	1,219			(1,953		)	3,145			(2,014		)
Decrease (increase) in accounts payable and accrued liabilities	10,520			(11,276		)	1,365			(5,402		)	6,565			(5,665		)
Decrease (increase) in unearned rents	3,072			(2,969		)	33			117			(2,628		)	(194		)
Straight-line rental revenue	(1,214		)	(927		)	(2,042		)	(862		)	(801		)	(298		)
Interest expense, gross	20,335			20,445			20,307			18,481			18,350			17,776
Interest cost capitalized	(344		)	(380		)	(307		)	(16		)	(156		)	(112		)
Costs (gain) associated with loan refinancing or payoff, net (cash portion)	—			150			38			—			—			(390		)
Transaction costs	318			31			184			31			158			233

Interest coverage amount (1)	$	70,490		$	72,337		$	70,574		$	68,441		$	65,423		$	67,379

(1) See pages 29 through 30 for definitions. Amounts above include the impact of discontinued operations, which is separately classified in the income statement.



EPR Properties
Capital Spending and Disposition Summaries
(Unaudited, dollars in thousands)

2013 Capital Spending:
Description	Location	Operating Segment	Capital Spending Three Months Ended March 31, 2013
Development of megaplex theatres	various	Entertainment	$	12,695
Development of other entertainment and retail projects	various	Entertainment	1,549
Investment in unconsolidated joint ventures	various	Entertainment	433
Investment in mortgage note receivable for public charter school	Jersey City, NJ	Education	5,960
Acquisition of early childhood education center	Peoria, AZ	Education	3,720
Development of public charter school properties	various	Education	5,405
Additions to mortgage note receivable for development of Schlitterbahn waterparks	various	Recreation	2,006
Additions to mortgage note receivable for improvements at ski properties	various	Recreation	381
Development of TopGolf golf entertainment facilities	various	Recreation	3,879
Improvements at Wisp ski resort	McHenry, MD	Recreation	1,096
Investment in casino and resort project	Sullivan County, NY	Other	1,563
Total investment spending			$	38,687
Other capital acquisitions, net	various		408
Total capital spending			$	39,095

2013 Dispositions:
Description	Location	Date of Disposition	Net Sales Proceeds
Geyser Peak winery and related vineyards	Sonoma County, CA	March 2013	$	24,146



EPR Properties
Financial Information by Segment
For the Three Months Ended March 31, 2013
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	54,983		$	3,157		$	1,909		$	738		$	60,787		$	—		$	60,787
Tenant reimbursements	4,744			—			—			—			4,744			—			4,744
Other income	23			—			—			1			24			—			24
Mortgage and other financing income	2,204			7,957			7,555			79			17,795			—			17,795
Total revenue	61,954			11,114			9,464			818			83,350			—			83,350

Property operating expense	7,135			—			—			(130		)	7,005			—			7,005
Other expense	—			—			—			141			141			53			194
Total investment expenses	7,135			—			—			11			7,146			53			7,199
General and administrative expense	—			—			—			—			—			6,652			6,652
Transaction costs	—			—			—			—			—			318			318
EBITDA - continuing operations	$	54,819		$	11,114		$	9,464		$	807		$	76,204		$	(7,023	)	$	69,181
	72		%	15		%	12		%	1		%	100		%

Add: transaction costs																318			318
Adjusted EBITDA - continuing operations																			69,499

Reconciliation to Consolidated Statements of Income:
Gain on early extinguishment of debt																4,539			4,539
Interest expense, net																(19,989		)	(19,989		)
Transaction costs																(318		)	(318		)
Depreciation and amortization																(13,438		)	(13,438		)
Equity in income from joint ventures																351			351
Discontinued operations:
Loss from discontinued operations																(3		)	(3		)
Gain on sale or acquisition of real estate																565			565
Net income																			41,206
Preferred dividend requirements																(5,952		)	(5,952		)
Net income available to common shareholders of EPR Properties																			$	35,254



EPR Properties
Financial Information by Segment
For the Three Months Ended March 31, 2012
(Unaudited, dollars in thousands)

	Entertainment			Education			Recreation			Other			Subtotal			Corporate/Unallocated			Consolidated
Rental revenue	$	54,561		$	1,420		$	519		$	758		$	57,258		$	—		$	57,258
Tenant reimbursements	4,822			—			—			—			4,822			—			4,822
Other income	24			—			—			1			25			—			25
Mortgage and other financing income	447			7,295			6,906			26			14,674			—			14,674
Total revenue	59,854			8,715			7,425			785			76,779			—			76,779

Property operating expense	6,005			—			—			369			6,374			—			6,374
Other expense	—			—			—			183			183			167			350
Total investment expenses	6,005			—			—			552			6,557			167			6,724
General and administrative expense	—			—			—			—			—			6,467			6,467
Transaction costs	—			—			—			—			—			158			158
Impairment charges	—			—			—			—			—			3,998			3,998
EBITDA - continuing operations	$	53,849		$	8,715		$	7,425		$	233		$	70,222		$	(10,790	)	$	59,432
	77		%	12		%	11		%	—		%	100		%

Add: transaction costs																158			158
Add: impairment charges																3,998			3,998
Adjusted EBITDA - continuing operations																			63,588

Reconciliation to Consolidated Statements of Income:
Interest expense, net																(18,141		)	(18,141		)
Transaction costs																(158		)	(158		)
Impairment charges																(3,998		)	(3,998		)
Depreciation and amortization																(11,740		)	(11,740		)
Equity in income from joint ventures																47			47
Discontinued operations:
Income from discontinued operations																355			355
Impairment charges																(8,845		)	(8,845		)
Gain on sale or acquisition of real estate																282			282
Net income																			21,390
Noncontrolling interests																(18		)	(18		)
Preferred dividend requirements																(6,001		)	(6,001		)
Net income available to common shareholders of EPR Properties																			$	15,371



EPR Properties
Financial Information by Segment - Discontinued Operations
(Unaudited, dollars in thousands)

	For the Three Months Ended March 31, 2013
	Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	—		$	347		$	347
Total revenue	—			347			347

Property operating expense	21			—			21
Other expense	—			22			22
Total investment expenses	21			22			43
EBITDA and Adjusted EBITDA - discontinued operations	$	(21	)	$	325		$	304

Reconciliation to Consolidated Statements of Income:
Depreciation and amortization							(307		)
Gain on sale or acquisition of real estate							565
Income from discontinued operations							$	562

	For the Three Months Ended March 31, 2012
	Entertainment (1)			Other (2)			Consolidated
Rental revenue	$	—		$	1,025		$	1,025
Mortgage and other financing income	—			67			67
Total revenue	—			1,092			1,092

Property operating expense	5			(200		)	(195		)
Other expense	—			226			226
Total investment expenses	5			26			31
Impairment charges	—			8,845			8,845
EBITDA - discontinued operations	$	(5	)	$	(7,779	)	$	(7,784	)

Add: impairment charges							8,845
Adjusted EBITDA - discontinued operations							$	1,061
Reconciliation to Consolidated Statements of Income:
Interest expense, net							11
Impairment charges							(8,845		)
Depreciation and amortization							(717		)
Gain on sale or acquisition of real estate							282
Loss from discontinued operations							$	(8,208	)

(1) For each of the three months ended March 31, 2013 and 2012, consists of administrative expenses related to the entities that owned Toronto Dundas Square.

(2) For the three months ended March 31, 2013, consists of the operations of the Pope Valley Winery, which was classified as held for sale as of March 31, 2013 as well as the operations of a winery and a portion of related vineyards located in Sonoma County, California that was sold on March 18, 2013. For the three months ended March 31, 2012, consists of the operations of the above mentioned properties as well as the operations of the Buena Vista vineyard and winery and the Carneros custom crush facility, which were sold during 2012.



EPR Properties
Investment Information by Segment
As of March 31, 2013 and December 31, 2012
(Unaudited, dollars in thousands)

		As of March 31, 2013
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,652,624		$	109,854		$	67,694		$	28,032		$	1,858,204
Rental properties held for sale, net of accumulated depreciation		—			—			—			2,788			2,788
Add back accumulated depreciation on rental properties		365,285			2,339			3,267			12,441			383,332
Add back accumulated depreciation on rental properties held for sale		—			—			—			319			319
Land held for development		4,457			—			—			193,283			197,740
Property under development		31,633			2,235			4,501			—			38,369
Mortgage notes and related accrued interest receivable, net		77,464			35,904			352,668			2,521			468,557
Investment in a direct financing lease, net		—			235,302			—			—			235,302
Investment in joint ventures		12,287			—			—			—			12,287
Intangible assets, gross (1)		14,049			—			—			—			14,049
Notes receivable and related accrued interest receivable, net (1)		184			3,780			—			949			4,913
	Total investments (2)	$	2,157,983		$	389,414		$	428,130		$	240,333		$	3,215,860
	% of total investments	67		%	12		%	13		%	8		%	100		%

		As of December 31, 2012
		Entertainment			Education			Recreation			Other			Consolidated
Rental properties, net of accumulated depreciation		$	1,664,763		$	100,666		$	67,127		$	52,537		$	1,885,093
Rental properties held for sale, net of accumulated depreciation		—			—			—			2,788			2,788
Add back accumulated depreciation on rental properties		355,585			1,645			2,677			15,777			375,684
Add back accumulated depreciation on rental properties held for sale		—			—			—			319			319
Land held for development		4,457			—			—			191,720			196,177
Property under development		20,952			4,582			3,842			—			29,376
Mortgage notes and related accrued interest receivable, net		76,199			28,945			348,091			2,517			455,752
Investment in a direct financing lease, net		—			234,089			—			—			234,089
Investment in joint ventures		11,971			—			—			—			11,971
Intangible assets, gross (1)		14,327			—			—			—			14,327
Notes receivable and related accrued interest receivable, net (1)		183			3,728			—			993			4,904
	Total investments (2)	$	2,148,437		$	373,655		$	421,737		$	266,651		$	3,210,480
	% of total investments	67		%	12		%	13		%	8		%	100		%

(1) Included in other assets in the consolidated balance sheets as of March 31, 2013 and December 31, 2012 in the Company's Quarterly Report on Form 10-Q. Reconciliation is as follows:

		3/31/2013			12/31/2012
Intangible assets, gross		$	14,049		$	14,327
Less: accumulated amortization on intangible assets		(11,088		)	(11,006		)
Notes receivable and related accrued interest receivable, net		4,913			4,904
Prepaid expenses and other current assets		29,340			30,187
Total other assets		$	37,214		$	38,412

(2) See pages 29 and 30 for definitions.



EPR Properties
Lease Expirations
As of March 31, 2013
(Unaudited, dollars in thousands)

	Megaplex Theatres					Public Charter Schools
Year	Total Number of Leases Expiring	Rental Revenue for the Trailing Twelve Months Ended March 31, 2013 (1)		% of Total Revenue		Total Number of Leases Expiring	Financing Income/Rental Revenue for the Trailing Twelve Months Ended March 31, 2013		% of Total Revenue

2013	—	$	—	—		—	$	—	—
2014	—	—		—		—	—		—
2015	3	9,506		3	%	—	—		—
2016	4	9,407		3	%	—	—		—
2017	4	7,262		2	%	—	—		—
2018	18	30,548		9	%	—	—		—
2019	7	22,318		7	%	—	—		—
2020	7	9,247		3	%	—	—		—
2021	5	8,399		3	%	—	—		—
2022	12	23,040		7	%	—	—		—
2023	6	15,086		5	%	—	—		—
2024	9	16,266		5	%	—	—		—
2025	6	12,577		4	%	—	—		—
2026	4	5,677		2	%	—	—		—
2027	2	3,239		1	%	—	—		—
2028	1	1,060		—		—	—		—
2029	15	14,125		4	%	—	—		—
2030	—	—		—		—	—		—
2031	4	3,772		1	%	11	10,611		3	%
2032	4	3,091		1	%	13	11,087		3	%
Thereafter	—	—		—		15	16,079		5	%
	111	$	194,620	60	%	39	$	37,777	11	%


Note: This schedule relates to consolidated megaplex theatres and public charter schools only which together represent approximately 70% of total revenue for the trailing twelve months ended March 31, 2013. This schedule excludes properties under construction.

(1) Consists of rental revenue and tenant reimbursements.



EPR Properties
Top Ten Customers by Revenue from Continuing Operations
(Unaudited, dollars in thousands)

			Total Revenue For The
			Three Months Ended		Percentage of
	Customers	Asset Type	March 31, 2013		Total Revenue

1.	American Multi-Cinema, Inc.	Entertainment	$	21,566	26%
2.	Imagine Schools, Inc.	Education	7,069		8%
3.	Regal Cinemas, Inc.	Entertainment	5,323		7%
4.	Peak Resorts, Inc.	Recreation	4,516		5%
5.	Rave Cinemas	Entertainment	4,475		5%
6.	Cinemark USA, Inc.	Entertainment	4,248		5%
7.	SVVI, LLC	Recreation	3,199		4%
8.	Southern Theatres, LLC	Entertainment	2,992		4%
9.	Carmike Cinemas, Inc.	Entertainment	2,435		3%
10.	Empire Theatres Limited	Entertainment	2,092		3%

	Total		$	57,915	70%



EPR Properties
Summary of Mortgage Notes Receivable
(Unaudited, dollars in thousands)

Summary of Mortgage Notes Receivable

	March 31, 2013		December 31, 2012
Mortgage note and related accrued interest receivable, 9.00%, due June 30, 2013	$	1,703	$	1,710
Mortgage note, 10.00%, due April 1, 2016	42,907		42,907
Mortgage note and related accrued interest receivable, 10.00%, due November 1, 2017	2,521		2,517
Mortgage note, 9.50%, due January 31, 2018	19,244		17,979
Mortgage notes, 7.00% and 10.00%, due May 1, 2019	180,552		178,545
Mortgage note, 9.96%, due March 10, 2027	10,972		10,945
Mortgage notes, 10.61%, due April 3, 2027	62,500		62,500
Mortgage note, 9.83%, due October 30, 2027	46,068		45,714
Mortgage note and related accrued interest receivable, 10.65%, due June 28, 2032	36,032		36,032
Mortgage note and related accrued interest receivable, 9.00%, due September 1, 2032	19,521		19,471
Mortgage note and related accrued interest receivable, 10.25%, due October 31, 2032	22,188		22,188
Mortgage note, 10.00%, due December 19, 2032	2,550		2,550
Mortgage note and related accrued interest receivable, 9.00%, due December 31, 2032	5,747		5,787
Mortgage note, 10.25%, due June 30, 2033	2,943		1,977
Mortgage note, 9.50%, due January 1, 2033	5,989		—
Mortgage note, 11.31%, due December 31, 2033	7,120		4,930
Total mortgage notes and related accrued interest receivable	$	468,557	$	455,752

Payments Due on Mortgage Notes Receivable

	As of March 31, 2013
Year:
2013	$	2,247
2014	117
2015	878
2016	43,797
2017	1,154
Thereafter	420,364
Total	$	468,557



EPR Properties
Summary of Notes Receivable
(Unaudited, dollars in thousands)

Summary of Notes Receivable (1)

	March 31, 2013			December 31, 2012
Note and related accrued interest receivable, 9.23%,
due August 31, 2015	$	3,780		$	3,728
Note and related accrued interest receivable, 6.00%,
due December 31, 2017	1,072			1,116
Other	184			183
Total notes and related accrued interest receivable	$	5,036		$	5,027
Less: Loan loss reserves	(123		)	(123		)
Total notes and related accrued interest receivable, net	$	4,913		$	4,904

(1) Included in other assets in the accompanying balance sheets as of March 31, 2013 and December 31, 2012.

Payments due on Notes Receivable

	As of March 31, 2013
Year:
2013	$	212
2014	202
2015	3,714
2016	142
2017	582
Thereafter	184
Total	$	5,036



EPR Properties
Summary of Unconsolidated Joint Ventures
As of and for the Three Months Ended March 31, 2013
(Unaudited, dollars in thousands)

Atlantic-EPR I and Atlantic-EPR II

EPR investment interest in Atlantic-EPR I: 44.4%
EPR investment interest in Atlantic-EPR II: 30.7%
Income recognized for the three months ended March 31, 2013: $183
Distributions received for the three months ended March 31, 2013: $223

Unaudited condensed financial information for Atlantic-EPR I and Atlantic-EPR II is as follows as of and for the three months ended March 31, 2013 and 2012:

	2013		2012
Rental properties, net	$	45,219	$	46,324
Cash	281		1,397
Mortgage note payable (1)	11,720		12,126
Mortgage note payable to EPR (2)	19,244		14,852
Partners’ equity	18,594		19,127
Rental revenue	1,448		1,400
Net income	520		348
(1) Atlantic-EPR II mortgage note payable is due September 1, 2013
(2) Atlantic-EPR I mortgage note payable to EPR is due January 31, 2018

Ningbo PIC, Nanqiao PIC, Shanghai Himalaya PIC and Shanghai SFG-EPR Cinema

EPR investment interest: 30.0%, 49.0%, 49.0% and 49.0%, respectively
EPR investment: $4,889
Income recognized for the three months ended March 31, 2013: $168
Distributions received for the three months ended March 31, 2013: $0

EPR Properties

Definitions-Non-GAAP Financial Measures

EBITDA AND ADJUSTED EBITDA

EBITDA is a widely used financial measure in many industries, including the REIT industry, and is presented to assist investors and analysts in analyzing the performance of the Company. Management utilizes EBITDA in its analysis of the business and operations of the Company and believes it is useful to investors because it excludes various items included in net income that are not indicative of operating performance, such as gains (or losses) from sales of property and depreciation and amortization and is used in computing various financial ratios as a measure of operational performance. The Company computes EBITDA - continuing operations as the sum of net income plus costs (gain) associated with loan refinancing or payoff, net, interest expense (net), depreciation and amortization, less gain on sale or acquisition of real estate, gain on early extinguishment of debt, equity in income from joint ventures and discontinued operations. EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations. Adjusted EBITDA - continuing operations is presented to also add back the effect of non-cash impairment charges, the provision for loan losses and transaction costs. Adjusted EBITDA - discontinued operations is computed in the same manner but only as it relates to discontinued operations.

The Company’s method of calculating EBITDA and Adjusted EBITDA may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. EBITDA and Adjusted EBITDA do not represent cash generated from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not indicative of cash available to fund all cash needs, including distributions. These measures should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity.

FUNDS FROM OPERATIONS (“FFO”) AND FFO AS ADJUSTED

The National Association of Real Estate Investment Trusts (“NAREIT”) developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP and management provides FFO herein because it believes this information is useful to investors in this regard. FFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share. Pursuant to the definition of FFO by the Board of Governors of NAREIT, we calculate FFO as net income available to common shareholders, computed in accordance with GAAP, excluding gains and losses from sales or acquisitions of depreciable operating properties and impairment losses of depreciable real estate, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships, joint ventures and other affiliates. Adjustments for unconsolidated partnerships, joint ventures and other affiliates are calculated to reflect FFO on the same basis. We have calculated FFO for all periods presented in accordance with this definition. In addition, we present FFO as adjusted by adding to FFO costs (gain) associated with loan refinancing or payoff, net, transaction costs, provision for loan losses and preferred share redemption costs and by subtracting gain on early extinguishment of debt . FFO and FFO as adjusted are a non-GAAP financial measures. FFO and FFO as adjusted do not represent cash flows from operations as defined by GAAP and are not indicative that cash flows are adequate to fund all cash needs and are not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate FFO and FFO as adjusted the same way so comparisons with other REITs may not be meaningful.

ADJUSTED FUNDS FROM OPERATIONS (“AFFO”)

In addition to FFO, we present AFFO by adding to FFO provision for loan losses, transaction costs, non-real estate depreciation and amortization, deferred financing fees amortization, costs (gain) associated with loan refinancing or payoff, net, share-based compensation expense to management and trustees, amortization of above market leases, net and preferred share redemption costs; and subtracting maintenance capital expenditures (including second generation

tenant improvements and leasing commissions), straight-lined rental revenue, the non-cash portion of mortgage and other financing income and gain on early extinguishment of debt. AFFO is a widely used measure of the operating performance of real estate companies and is provided here as a supplemental measure to GAAP net income available to common shareholders and earnings per share and management provides AFFO herein because it believes this information is useful to investors in this regard. AFFO is a non-GAAP financial measure. AFFO does not represent cash flows from operations as defined by GAAP and is not indicative that cash flows are adequate to fund all cash needs and is not to be considered an alternative to net income or any other GAAP measure as a measurement of the results of our operations or our cash flows or liquidity as defined by GAAP. It should also be noted that not all REITs calculate AFFO the same way so comparisons with other REITs may not be meaningful.

INTEREST COVERAGE RATIO

The interest coverage ratio is calculated as the interest coverage amount divided by interest expense, gross. We calculate the interest coverage amount by adding to net income impairment charges, provision for loan losses, transaction costs, interest expense, gross (including interest expense in discontinued operations), depreciation and amortization, share-based compensation expense to management and trustees and costs (gain) associated with loan refinancing or payoff, net; subtracting interest cost capitalized, straight-line rental revenue, gain on early extinguishment of debt and gain or loss on sale or acquisition of real estate from discontinued operations. We calculated interest expense, gross, by adding to interest expense, net, interest income and interest cost capitalized. We consider the interest coverage ratio to be an appropriate supplemental measure of a company’s ability to meet its interest expense obligations and management believes it is useful to investors in this regard. Our calculation of the interest coverage ratio may be different from the calculation used by other companies, and therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

FIXED CHARGE COVERAGE RATIO

The fixed charge coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that preferred share dividends are also added to the denominator. We consider the fixed charge coverage ratio to be an appropriate supplemental measure of a company’s ability to make its interest and preferred share dividend payments and management believes it is useful to investors in this regard. Our calculation of the fixed charge coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

DEBT SERVICE COVERAGE RATIO

The debt service coverage ratio is calculated in exactly the same manner as the interest coverage ratio, except that recurring principal payments are also added to the denominator. We consider the debt service coverage ratio to be an appropriate supplemental measure of a company’s ability to make its debt service payments and management believes it is useful to investors in this regard. Our calculation of the debt service coverage ratio may be different from the calculation used by other companies and, therefore, comparability may be limited. This information should not be considered as an alternative to any GAAP liquidity measures.

TOTAL INVESTMENTS

Total investments is a non-GAAP financial measure defined as the sum of the carrying values of rental properties (before accumulated depreciation), rental properties held for sale (before accumulated depreciation), land held for development, property under development, mortgage notes receivable (including related accrued interest receivable), investment in a direct financing lease, net, investment in joint ventures, intangible assets, gross (included in other assets) and notes receivable and related accrued interest receivable, net (included in other assets). Total investments is a useful measure for management and investors as it illustrates across which asset categories the Company's funds have been invested.

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